The Central Bank of Luxembourg and the national statistics office STATEC released first provisional balance of payments results for 2025, showing a current account surplus of EUR 4.7bn, down EUR 1.4bn from 2024. The goods balance posted a surplus of EUR 1.9bn, up EUR 0.1bn, with exports and imports both rising by around 1%. Net exports from international merchanting increased by EUR 338m, while the general merchandise deficit widened as exports fell by 0.1% (EUR 35m) and imports rose by 0.7% (EUR 177m). The international services balance fell by 3.3% (EUR 1bn), driven by a EUR 2.7bn deterioration in non-financial services that was partly offset by a EUR 1.7bn improvement in financial services; the non-financial services shift was linked to multinational group restructurings that lifted imports by 12.4% versus export growth of 6.6%. Financial services exports rose by 5.7% and imports by 5.1%, attributed mainly to a 10% increase in average assets managed by investment funds in 2025 versus 2024. In the financial account, direct investment was positive on assets (EUR 88bn) and negative on liabilities (EUR -84bn, mainly intra-group loans). Portfolio flows included net inflows into Luxembourg equity participations of EUR 421bn (versus EUR 236bn in 2024) and positive investment in foreign equities of EUR 59.9bn (versus EUR -27bn), while resident institutions acquired foreign debt securities of EUR 322bn; Luxembourg debt securities recorded net inflows of EUR 69bn (versus EUR 45bn). Other investment abroad increased by EUR 115.3bn (mainly loans and deposits), and non-residents increased other investment in Luxembourg by EUR 119bn (mainly deposits and loans with resident financial institutions). Detailed statistical tables are available on the Central Bank of Luxembourg and STATEC websites.
Central Bank of Luxembourg 2026-04-14
Central Bank of Luxembourg and STATEC publish provisional 2025 balance of payments showing current account surplus down to EUR 4.7bn
The Central Bank of Luxembourg and statistics office STATEC published provisional 2025 balance of payments data showing a current account surplus of EUR 4.7bn, down EUR 1.4bn from 2024, as a weaker international services balance offset a slightly stronger goods surplus. The deterioration in services was driven by non-financial services linked to multinational restructurings, partly offset by stronger financial services, while the financial account recorded large direct and portfolio investment flows, including substantial net inflows into Luxembourg equity participations and increased cross-border loans and deposits.